US assets prove profitable for Linc
PERTH (miningweekly.com) – ASX-listed oil and gas producer Linc Energy on Friday told shareholders it was on track to meet its end-of-year target of between 8 000 and 9 000 barrels of oil equivalent per day, as its US assets continued to deliver.
The miner recently completed eight wells at its Cedar Point operation, including a horizontal well, which had started production over the past few days, and was now producing at 1 350 bbl/d of oil a day and 1.2-million cubic feet of gas a day.
This new production brought the total incremental production from the Cedar Point field to some 2 850 bbl/d of oil a day and four-million cubic feet of gas a day.
“The Cedar point drilling programme has been a great success for the company and has the potential to deliver further results with at least one more horizontal well and more vertical well to be completed in the near term,” said Linc MD and CEO Peter Bond.
He noted that the company remained confident of achieving its production target by the end of the year, as it continued to unlock the value from underexploited and underexplored assets.
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